Elering borrows 15 million euros from Nordic Investment Bank26.04.2012, 15:40
Elering and the Nordic Investment Bank (NIB) have signed a loan contract for 15 million euros for the construction of a new 330 kV transmission line in South Estonia.
The total cost will be 34 million euros.
The construction work started in 2011 and will finish in 2014.
This loan is already the second funding from NIB. In 2010, an initial loan contract of 25 million euros was signed and the goal was to finance the construction of the second cable between Estonia and Finland – EstLink 2.
Elering is Estonia’s transmission system operator, whose primary mission is to ensure constant high-quality electricity supplies to Estonian consumers. To ensure consistent supply, Elering maintains and develops the national transmission network and external connections. Elering manages Estonia’s electricity network in real time, ensuring the operation of the transmission network and balanced production and consumption.